Solcubator Dev Update (Staking)
It's been a while since the last Medium update. There is no better way to start off by revealing a much anticipated and core function of our launchpad product, staking on Solcubator.
Solcubator aims to drive the expansion and adoption of the Solana ecosystem by providing a secure and decentralized platform for projects seeking funding and incubation and for investors to filter the value-added projects as it’s community-driven.
Solcubator Staking
Before we break down the staking functionality, let's understand the importance of its implementation. Until now, holders could get rid of $SOLC whenever they pleased at little opportunity cost. Subsequently, it led to highly speculative dumping after an IDO event. Solcubator wants the opposite, that is, to incentivize its platform's participants to hold onto their token as long as possible to reap present and future benefits.
With the introduction of staking, users must lock up their SOLC to access upcoming IDOs, ensuring fairness within the ecosystem. Adding more utility is in progress at the time of writing.
Key takeaways of the Solcubator IDO process:
- 24 hours before the sale begins, the conversion rate from SOL:USD will be set;
- Moreover, a corresponding maximum guaranteed allocation amount for tiered SOLC stakers will be selected (24 hours before the sale);
- Tiered stakers who wish to participate must then acquire or hold enough SOL (in their Sollet or Phantom wallet) to fund their desired investment;
- When the sale begins, stakers may buy up to a max allocation (TBD per tier);
- The sale is carried out on a guaranteed allocation basis, lasting for a possible three rounds. The unsold tokens of the first round would be sold in the second round (twenty minutes after the pool opened), where each staker will receive an additional tier-based allocation.
- In rare cases, if there's still any unsold allocation after 40 minutes, a third (FCFS) round will be open until the allocation is exhausted;
- Shortly after the IDO is finalized, the concerned IDO token will be tradeable on Raydium. The liquidity will be locked with SolMinter for six months. Your tokens are claimable and unlocked on TGE as per the given vesting schedule.
- During this entire process, stay alert and aware of scammers. We only communicate via the official social media channels listed on our website.
Solcubator Tiers and Guaranteed Allocation
Your guaranteed allocation in the first and second rounds of our upcoming IDOs is based on your Solcubator tier. A snapshot of staking participants will be taken 24 hours before the concerned IDO launch date, where a user's wallet will represent a tier. Depending on your level, you will carry a different pool weight, resulting in your guaranteed allocation amount.
So, to ensure your access to as many IDOs as possible, you must stake your tokens as soon as possible. The more, the better.
Are you ready? You will be able to navigate to https://solcubator.io/staking later today (UTC), at the time of writing.
Staking your SOLC tokens
Assuming you conveniently navigated to the staking page, you can begin by connecting your Solana wallet and specifying the SOLC amount to be staked. It's a matter of following the instructions, but we will provide you with some illustrations:
Once successfully staked, your tier level will graphically appear.
Remember: The higher your Solcubator tier, the higher your guaranteed allocation in our IDO rounds.
In the event of an early SOLC withdrawal, a 20% penalty will be applied, taking out the wasted tokens of circulation. To avoid it, you're required to stake a minimum of 14 days from the time of the latest staking entry.
If you stake additional tokens, this will reset the maturity date counter, and another 14 days will apply.
Again, you may input the amount you would like to unstake and follow the instructions. After unstaking, your tier will be updated and represented at the rate of your remaining staked SOLC amount.
That wraps it up for this community update. We want to leave as much suspense as possible for the great things that are about to come for Solcubator. You can expect a teaser of the next project launching on our platform in days' time, but there's really so much more to reveal.
If you have any questions regarding our staking system, don't hesitate to come over and join our community to exercise your right as a beloved member.
Keep in touch with us:
🌍 Website: https://solcubator.io/
🐦 Twitter: https://twitter.com/Solcubator
📄 Docs: https://docs.solcubator.io/
🔊 Announcement Channel: https://t.me/SolcubatorAnn
💬 Community Channel: https://t.me/Solcubator
